| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 19.75 | 32.86 | 41.97 |
| Expenses | 14.10 | 17.67 | 25.85 |
| Other Income | 0.15 | 0.18 | 0.38 |
| Total Revenue | 19.91 | 33.04 | 42.34 |
| Profit Before Tax | 5.81 | 15.37 | 16.49 |
| Net Profit | 4.32 | 11.48 | 12.22 |
Black Opal Consultants
Black Opal Consultants IPO
₹2,22,000
0.08 xOver-subscribedBidding Dates 29 Sept, 26 -01 Oct, 26
Min Investment ₹2,22,000
Lot Size600
Price Range ₹185 – ₹197
Issue Size ₹55.08 Cr.
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IPO Subscription Details
Retail Subscription Details
0.15 x
Non-Institutional Buyers (sHNI)
0.06 x
Non-Institutional Buyers (bHNI)
0.02 x
Qualified Institutional Buyers (QIB)
0 x
Total0.08 x
0.08 x IPO Timeline
IPO Offer Start
29 Sept,26
IPO Offer Ends
01 Oct,26
Allotment Finalisation
05 Oct,26
Refund Initiation
06 Oct,26
Listing of Shares
07 Oct,26
IPO Analysis
Strengths
The company has demonstrated deep asset and project management expertise, having successfully executed brokerage services across 2,366+ bookings in NCR micro-markets including Ghaziabad (1,021), Noida (622), Greater Noida (547), and Gurgaon (161), reflecting strong sales execution capabilities.
The company is led by promoters with over 25 years of combined real estate experience, with revenue from operations growing at a CAGR of 45.76% from ₹1,975.24 lakhs in Fiscal 2024 to ₹4,196.56 lakhs in Fiscal 2026, supported by a seasoned CFO with 10+ years in finance and banking.
The company has executed multiple sales mandates with over 25 developer partners, serving 2,000+ customers across NCR, with exclusive inventory rights securing high-demand projects and generating total brokerage revenues exceeding ₹4,000 lakhs across key mandates.
Risks
The company derives a substantial portion of its revenue from a limited number of customers, with the top 5 customers contributing 67.69% of revenue from operations in FY2026. Many of these relationships lack formal long-term contracts, relying instead on verbal understandings or project-specific mandates, exposing the company to risks of revenue loss, enforceability challenges, and inability to recover dues in case of disputes.
The company's operations are heavily concentrated in Uttar Pradesh (77.94%) and Haryana (22.06%) as of FY2026, making it highly vulnerable to regional economic downturns, regulatory changes, and adverse real estate market conditions in these states. Any adverse social, political, or economic developments in these regions could materially impact revenue generation and project execution.
Brokerage and leasing activities account for 99.11% of total income in FY2026, and 97.62% of revenue is derived from the residential real estate segment. This concentration exposes the company to significant risks from property market fluctuations, reduced leasing activity, interest rate changes, and limited ability to offset losses through commercial segment diversification.
Objectives
The company intends to utilize a portion of the net proceeds to provide interest-free refundable security deposits to real estate developers in the Delhi-NCR region, securing exclusive sales/marketing mandates for their upcoming projects, thereby enhancing revenue generation through brokerage income.
The company proposes to invest a portion of the net proceeds as current capital in Aurika Developers LLP (a Group Entity in which the company holds a 76% partnership interest) to fund the construction and development of 'Veda', a RERA-approved commercial hospitality project located in Ayodhya, Uttar Pradesh.
The remaining balance of the net proceeds, after allocation to the other stated objects, is intended to be deployed towards general corporate purposes as determined by the company's management and Board, subject to applicable regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 13.14 | 22.44 | 59.62 |
| Current Assets | 10.53 | 19.65 | 45.28 |
| Fixed Assets | 2.61 | 2.79 | 14.35 |
| Total Equity & Liabilities | 13.14 | 22.44 | 59.62 |
| Total Liabilities | 4.21 | 2.03 | 26.97 |
| Current Liabilities | 3.89 | 1.85 | 11.90 |
| Non Current Liabilities | 0.31 | 0.19 | 15.07 |
| Total Equity | 8.93 | 20.41 | 32.65 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 1.44 | 0.06 | 2.72 |
| Investing Activities | -5.21 | 2.19 | -22.00 |
| Operating Activities | 5.60 | -0.65 | 15.81 |
| Financing Activities | 1.05 | -1.48 | 8.91 |
About Black Opal Consultants
Black Opal Consultants Limited (formerly Black Opal Consultants Private Limited, incorporated September 2020) is a promoter-driven real estate services company headquartered in Delhi-NCR, specializing in brokerage, property advisory, loan syndication, and project management services. The company facilitates the sale of residential and commercial properties for developers through exclusive/semi-exclusive mandates, having...more
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Managing DirectorPrasoon Chauhan
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